The cryptocurrency market saw a sudden drop in the afternoon of Wednesday (27th). Bitcoin fell below the $60,000 mark, a 24-hour drop of nearly 7%.
Bitcoin price remained above $61,000 for some time in the past, and it also fluctuated around 62,000-63,000 earlier today. But so far this afternoon, it has suddenly fallen straight, losing $60,000 and triggering a new round of selling. According to Coindesk data, by 16:15 in the afternoon, the price of Bitcoin had fallen to $58,607, a drop of nearly 7%.
Ether and other major currencies weakened at the same time, falling about 4% to $4,044. Cardano (ADA-US) and Solana (SOL-US), the fifth and sixth-largest currencies, which have risen in market value recently, have fallen by double digits. The Shibun coin (SHIB-US) is relatively strong, but it has also fallen sharply from high-end, with the 24-hour increase reduced from more than 40% to about 24%.
On the news, a new ETF—VanEck’s Bitcoin strategy ETF entered the market, giving more institutions the opportunity to participate in investment, but the bullish news failed to stop the decline.
Popular independent analyst Rekt Capital believes that as long as BTC can hover around $60,000, investors should not panic.